Grifols, S.A. is screened out under 2 exclusion reasons spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Grifols, S.A. is a global healthcare company whose core business involves the collection of human plasma to manufacture plasma-derived medicines. The development and quality control of these biological therapies requires animal testing. Grifols conducts animal research for drug testing and clinical trials as part of its pharmaceutical development process.
The company publishes an Animal Welfare Policy stating its operations are subject to inspections by national authorities. This policy framework acknowledges the ongoing use of animals in its research and development activities. As a plasma-derived medicinal product manufacturer, Grifols's business model is intrinsically linked to animal experimentation for product safety and efficacy testing.
Grifols, S.A. is a global healthcare company specializing in the development and manufacture of plasma-derived medicines. The company’s product pipeline and regulatory submissions for these biologic therapies require animal testing as a standard component of preclinical safety and efficacy trials. Grifols explicitly acknowledges this requirement in its published Animal Welfare Policy, stating that animal use is required to support the testing of its products and research programs.
The company’s operations place it within the pharmaceutical sector, where animal testing is mandated by global health authorities for product approval. While Grifols outlines welfare requirements for such testing, its core business model inherently involves commissioning and conducting animal testing to bring new plasma-derived treatments to market. No evidence was found of a corporate commitment to eliminate animal testing from its development process or to prioritize alternative testing methods.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.